Aerolineas Argentinas files for protection

26 June, 2001

SOURCE: Flight International

Saddled with debts totalling nearly $1 billion and an ongoing labour dispute opposing a radical restructuring plan, Aerolineas Argentinas filed for bankruptcy protection on 21 June. With losses reported to be up to $30 million a month, Spanish state holding company SEPI, 85% shareholder of the Buenos Aires-based airline, and the Argentine Government (5% owner) are refusing to provide any more money.